Toyota paying $60 million to Tesla for electric RAV4

Toyota is going to write a bigger check to Tesla Motors for its help in developing a new electric version of the RAV4 crossover than it invested in the start-up electric-car maker.

Toyota says in a securities filing today that it has entered into entered into a "Phase 1 Contract Services Agreement" for the development of an electric powertrain, for which it will pay $60 million. Though only a first phase, the agreement sounds like the biggest step since Toyota and Tesla announced their joint program last May, as seen in the photo above.

In addition, Toyota took an $50 million equity stake in Tesla last July before the Silicon Valley-based start-up went public with a stock offering. Now both automakers have to agree on a timetable on delivery of the product, a process that should take 60 days.

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About Chris Woodyard

Chris Woodyard is an auto writer for USA TODAY who covers all aspects of motoring. He revels in the exhaust note of a Maserati and the sharp creases of a Cadillac CTS. Chris strives to live a Porsche life on a Scion budget. More about Chris